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Comp Blog

Q&A: New Loan Estimate Form

By: Danielle Wright

CommentWednesday - August 13, 2014

Q:  I understand that the credit union must give a member the new integrated Loan Estimate form (effective October 3, 2015) three days after the member applies for a mortgage loan.  Will the definition of “application” change under the new rules going into effect next summer?

A:  Yes.  After October 3rd, 2015, a credit union will have received a mortgage application when the member has provided the following six pieces of information:

  • the member’s name,
  • the member’s income,
  • the member’s social security number (to obtain a credit report),
  • the property address,
  • an estimate of the value of the property, and
  • the mortgage loan amount requested.  

The new rule eliminates the seventh catch-all item in the current definition of application, which is “any other information deemed necessary by the loan originator.”  The CFPB notes that this new definition does not prevent a creditor from collecting any additional information in relation to the mortgage loan, however, once a creditor has received these six pieces of information the Loan Estimate requirements are triggered.  

For more information on the new TILA/RESPA Integrated Disclosure rule, see CUNA’s Compliance Highlights.






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